Crypto Marketplace Bakkt App Users Connect 1B Loyalty Points, Miles

Digital asset marketplace startup Bakkt has reached a milestone of 1 billion points and miles being linked to its app by users since the company launched the app in March, according to a press release on Thursday (Sept. 30).

Bakkt CEO Gavin Michael said the success of the app has affirmed the company’s approach and called this a “landmark moment” as the startup continues to grow.

See also: Bakkt, Choice Hotels Expand Hospitality Chain’s Rewards Program

“Our customers are seeing the value of Bakkt’s innovative platform and embracing the broader possibilities of their rewards and loyalty points through our growing network of partners,” he said.

Founded in 2018 and headquartered in Atlanta, Georgia, Bakkt Holdings gives users the ability to buy, sell, store and spend digital assets. With the app, customers can load their loyalty points from certain hotels, airlines, and retailers. The move gives people the chance to convert rewards to cash that they can then use to buy cryptocurrency and gift cards or use for daily purchases.

Read more: Digital Asset Marketplace Bakkt Readies SPAC Merger

The company said its users have seen the benefits of having rewards and loyalty points in one place. Data from a recent Bakkt survey showed that 48 percent of respondents indicated that they invested money in crypto during the first six months of this year.

Bakkt said it works with the partners in its network to discover more avenues to boost engagement with users, and is always looking for new ways to introduce innovative experiences that offer flexible options.

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Earlier this month, Bakkt’s CEO told PYMNTS CEO Karen Webster that a successful payments and commerce platform must work across all digital holdings, from currencies and cryptos to rewards, loyalty points and more.

Some 57 percent of cryptocurrency holders used digital currency for a purchase, according to a May PYMNTS survey.